Business Owners Learn About Cares Act

Lawmakers recently passed the cares act - short for the coronavirus aid - relief and economic security act.

It allocates more than $2 trillion in support for individuals and businesses as they're working to navigate through these stormy waters.

Something normal for them.

The coronavirus isn't stopping local students from showing their school spirit.

Find out what they're coronavirus virtually every facet of life is being affected in some way due to the pandemic.

Businesses are not immune from this?

With reductions in staff and pay cuts becoming the new unfortunate norm.

But thanks to legislation passed last week?

It may be able to protect workers from the brunt of the force.

Newsroom kimt news 3's alex jirgens is live in the newsroom with the details.

Alex?xxx amy?

Lawmakers recently passed the cares act?

Short for the coronavirus aid?

Relief and economic security act.

It allocates more than 2 trillion dollars in support for individuals and businesses as they're working to navigate through these stormy waters.

For business owners?

They may have questions on what they can take advantage of.xxx as business owners large and small are grappling with this new reality?

Relief is in sight.

The cares act covers things like unemployment insurance?

Payroll taxes?

401 k loans?

And small business relief?

Among others.

Paul mixdorf is a local ??a and the president of eternity wireless.

He's had to balance giving advice to his clients?

And also balance some of these issues at his business.

"i have had to cut back on some hours.

We base off of how busy we are by the number of orders."

During a teleconferenc e with chamber members wednesday morning?

He heard what options are available through the act?

Such as the paycheck protection program.

It provides federally guaranteed loans to small businesses that maintain payroll during this time of crisis?

And can be forgiven if they do so.

"we're doing our best to plan with our clients to make sure they are getting the necessary help they can get that's available to them."

John kirchner oversees the midwest branch of the ?s chamber of commerce.

He's upbeat about what these programs can mean for main streets across the country.

" there's a lot of distress in the economy.

But i think these programs and some of the other lending through the federal reserve that we're going to get close to spending every bit of that."

"that's what we're focused on, is keeping these businesses open all across the country and functioning so what if the pandemic lasts longer than?

Say 90 days?

Kirchner tells me there already is talk in washington about what a phase 4 plan would look like.

Live in the newsroo?

Alex jirgen?

Kimt